According to American Humane, only 9% of housing allows companion animals without size or type limitations. As a result, 13.7% of the six million animals that end up in shelters annually are abandoned due to housing issues.
Are you among the landlords who don't allow pets in a rental property? You could unintentionally scare away renters and lose income.
Before that happens, consider the pros and cons of owning pet-friendly apartments. Read on to learn more!
Pro: Find More Tenants With Pets
According to Pew Research Center, about half of US pet owners claim their pets are a part of the family. Most Americans (62%) own a pet. These pet owners aren't willing to part ways with their furry companions to live in a rental.
Allowing pets in your rentals can open your tenant pool. If you don't offer pet-friendly apartments, you'll receive fewer applications.
You may struggle to find renters who are trustworthy if you have a small tenant pool. Broadening your options ensures you find reliable renters.
Otherwise, your vacancy rate could increase. The longer your rentals remain vacant, the more you'll lose in potential earnings.
Con: More Property Maintenance
Once tenants with pets move in, you can't control what happens inside the rental. A pet that isn't well-trained may:
- Urinate on the floors
- Scratch up hardwood or carpets
- Chew on doorways
You may need to pay for property maintenance more often if you decide to allow pets. Consider establishing rental pet guidelines before tenants move in. Establishing a pet policy for renters will outline your expectations.
For example, you can reduce the cost of these damages from a monthly pet rent. Landlords can charge pet rent, a pet fee, and a pet deposit. These charges will protect your bottom line and give you peace of mind if there's an incident.
Pro: Find Trustworthy Tenants
Pet owners know their furry companions are dependent on them for a home. They'll take good care of your rental and their pets.
Choosing tenants with pets may give you peace of mind. You'll know they're following your rental pet guidelines to ensure they and their pet have a home.
For example, pet owners may pay rent on time to ensure they and their pets have a stable place to live.
Con: Noise Complaints
You may receive noise complaints if you allow pets in your rentals. Make sure to outline quiet hours in your pet policy for renters. You can have a property management company enforce these rules on your behalf to protect your investment.
Permit Pets in a Rental Property
The pros of allowing pets in a rental property often outweigh the cons. To make an informed choice, consult a property management company. They can help you make a decision based on your concerns and goals.
Trust our team at PMI First Choice to protect your property and maximize your earning potential. We're committed to adding value to your investments through accuracy, honesty, and transparency.
Use our state-of-the-art technology to track how your properties perform in real time. Contact us now for a free rental analysis.